First and foremost, the needs of the family must be taken care of before parents sit down and decide what to do with any additional income that remains. Unfortunately, in today’s world, with rising costs for everything from school fees to food and rent, there are many families who have to struggle each day to provide basics such as food, clothing and shelter. For these families, the question of an allowance for their children is not even in the realm of possibility.For those of us who are fortunate enough to have the extra resources available each month to provide our children with an allowance, we can take this chance to teach our children about charity. According to the dictionary, the word charity comes from the Latin for something dear, and the definition is “A generosity and helpfulness especially toward the needy or suffering.” In my opinion, it is never too early to begin teaching children how to be generous toward others.
My son and I have recently begun planning his finances together. He knows just how much allowance he will receive each week, and he already has grand plans for all the toys he wants to save up to purchase. However, at our house, in order to buy a new toy or game, he has to go through all of the ones he already has and find the ones that are broken, no longer wanted or that he has outgrown. These are collected, and the ones in good condition are passed on either to other friends or to a local charity. In this way, we clean out the toys that are no longer useful or played with. An added advantage is that he often finds toys that were put away and then forgotten about. Discovering the toys he thought were lost or gone helps him think of ways to reorganize his bedroom and keep similar items together.
When he gets his allowance each week, my son divides it up into three different banks in his room. The money that accumulates in one can be used anytime he wants to purchase a magazine or a small toy. The second bank is his savings that we will put in a bank account as he gets older and when the amount grows a little more. The third goes into a bank that he received from his school to collect money for a charity that provides support for children with special needs. Each year, the students collect money and bring it into the classroom so that the money collected can be pooled and donated to help those with physical disabilities.
At home, he has learned from us that it is important to help others. Throughout the year, we try to donate a percentage of our earnings to support those in need. Some of this is done by giving money, clothing or food to those who have less than us. We try, if possible, to donate anonymously through a charity of our choice. We hope to instill in our son the idea that those who are blessed with a secure financial situation should do what they can to help others who many lack the means to support themselves.
As our son grows and the amount of his allowance changes, I hope that he will still allocate a percentage of the money to the charity he now supports. Likewise, once he is out in the working world, I hope that he is able to support himself comfortably and still have the resources left over to help others.
One reader wrote to me, inquiring about what role religion played in our decisions about money and how we spend it. I think that all religions contain lessons about compassion, sharing and caring for those less fortunate. Many religions advocate donating a percentage of one’s earnings to charity in order to help others in need. In my opinion, it is not necessarily a question of religious obligation but simply a matter of doing the right thing and giving back to society in the best way that we can.
Through his weekly allowance, our son is learning how to budget and save his money, and he is learning the importance of setting aside a portion of his money to help others. Even at his young age, he understands that there are many people who struggle to provide basic food and shelter for their families. He also knows that there are many ways of helping others, from passing on toys he no longer uses to putting aside some of his own money to donate to a charity. These are lessons that I hope will stay with him for life.
Send comments and questions to k.hamilton@todayszaman.com
